Income Tax (Trading and Other Income) Act 2005 section 360

Person liable

Section 360 identifies who is liable for income tax charged on overseas property income when the remittance basis of taxation applies.

  • This section determines the person who bears the tax liability on overseas property income.
  • It applies specifically where the remittance basis is used, meaning only income brought into the UK is taxed.
  • The person who receives or is entitled to the overseas property income is the person liable for any tax charged on it.
  • The provision derives from earlier legislation (section 59(1) of ICTA 1988) and was amended by Finance Act 2008.

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